Oct. 17, 2014, 3:53 PM
- Newcastle Investment (NCT -1.6%) sees the combined value of its businesses as worth $13.40-$14.82 per share vs. the current share price just above $12. Soon to be spun off New Senior (SNR) is worth between $10 and $11, and that leaves the legacy CDO portfolio worth $2.20 and $2.59 and the golf course business worth $1 and $1.32.
- Webcast and presentation
- Webcast transcript
- The record since the Newcastle complex began raising capital in 2011 is a combined total return of 224% since (includes NCT return, dividends, NRZ, and NEWM)
- Alongside the spinoff of New Senior (shares to be distributed on Nov. 6 and begin trading on Nov. 7), Newcastle will undergo a 1:2 reverse stock split.
- Previously: Newcastle sets date of senior living business spinoff
Oct. 17, 2014, 8:15 AM| 4 Comments
Sep. 18, 2014, 6:09 AM
Sep. 17, 2014, 4:38 PM
- Its stock ahead nearly 60% since being spun off of Newcastle Investment (NYSE:NCT) earlier this year, and on the hunt for acquisitions, New Media (NYSE:NEWM) will sell 6.5M shares in a secondary offering, with an underwriter greenshoe of another 975K shares.
- Assuming the exercise of the underwriter option, about 25% will be added to the float.
- Source: Press Release
- The stock's lower by 4.5% AH.
Aug. 19, 2014, 9:43 AM| 3 Comments
Aug. 13, 2014, 10:57 AM| 1 Comment
Aug. 12, 2014, 4:16 PM
Aug. 7, 2014, 7:47 AM
- Q2 core earnings of $03M or $0.09 per share vs. $34M and $0.10 in Q1. Dividend is $0.10.
- Senior Housing: Spinoff plans are moving forward. In Q2, acquired 9 more properties for $214M, investing $199M of equity. Another 8 properties for $130M are under contract.
- A 1:3 reverse stock split is approved and set to be effective after the close on August 18.
- Conference call at 10 ET
- Previously: Newcastle Investment misses by $0.01
- NCT flat premarket
Aug. 7, 2014, 6:39 AM
Aug. 6, 2014, 5:30 PM
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Jul. 8, 2014, 10:52 AM
- Owners of Newcastle Investment (NCT) will want to read this NYT article on the latest hot distressed asset play: Golf courses. “It’s certainly a buyer’s market,” says Larry Hirsh of Golf Property Analysts. “There are a lot of distressed courses, financing is difficult and most buyers don’t have the ability to write a check.”
- Imagine, says one industry player, Wells Fargo and Chase suddenly exiting the home mortgage market, and that's what it's like for golf course financing. This leaves opportunity for other investors, including Fortress Investment Group (FIG) which last year began financing a Dallas-based P-E firm looking into golf courses. Fortress' Co-Chairman Wes Edens is also the chairman at Newcastle which - following the spinoff of its seniors housing unit - will be nearly a pure-play golf course operator.
Jun. 16, 2014, 4:52 PM
- The spinoff of New Senior Investment Group (SNR) will leave Newcastle Investment (NCT) with its real estate debt and golf course businesses, says the company in a presentation.
- Presentation slides
- By separating the senior housing operation, Newcastle management hopes SNR will attain a valuation closer to that of its peers (something it hoped the New Residential spin would do last year). Between properties already owned and those under contract, the senior housing portfolio is 99 properties and 12.4K beds, with 95% private-pay independent and assisted-living properties.
- Post-spin, Newcastle will focus on managing its existing CDO, restructuring core golf operations, and maybe investing in distressed golf assets. The company will also eye other potential investments, with a primary focus on commercial real estate.
- Previously: Newcastle to spin off Senior Housing business
Jun. 16, 2014, 9:15 AM
Jun. 16, 2014, 8:55 AM| 13 Comments
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